Soybeans Extend Thursday Decline

Soybean futures are 19 to 25 cents lower as we head into month end and funds bank trading profits. The domestic soy complex pulled back on Thursday led by 1.02% to 1.28% double digit losses for beans. Soymeal futures were in the black shortly after midday, but were down $3.40 to $4.20/ton at the close. BO futures ended the session with 18 to 43 point pull backs. Soy oil prices are the highest since 2013. USDA’s weekly Export Sales report reflected China’s Lunar New Year Holiday, with bean bookings of 167,902 MT on the week ending 2/18. That was the second lowest weekly sale of the MY as China was notably absent due to their holiday week. USDA showed 2020/21 total bean commitments sit at 99% of USDA’s forecasted 2.23 bbu total. Physical shipments are 85% of the forecast. For soymeal sales were reported at 160,176 MT. BO bookings were 4,374 MT. There were zero deliveries on FND against March soybeans. The oldest long dates back to October 7, 2020.

--- provided by Brugler Marketing & Management




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